Why your ICD-10 budget needs a checkup | ICD10 Watch
Posted on Wed, Nov 19, 2014 - 08:00 am
Last week we found out that the ICD-10 transition may not be as expensive for medical practices as previously estimated. How does that happen?
First, consider the previous estimates are based upon the 2013 Nachisom Advisors study of ICD-10 transition costs. This gave a range for small medical practices from $56,639 to $226,105. If that's not enough to scare a physician into vigorous opposition, I don't know what else is.
To calm those fears, Thomas C. Kravis, M.D., Susan Belley, M. Ed., RHIA, Donna M. Smith, RHIA, and Richard F. Averill, M.S., counter that study with their own ICD-10 transition cost estimates in the Journal of AHIMA — which says the Nachimson study uses inpatient hospital activities to base costs.
The JOA study puts the ICD-10 price tag in a range from $1,960 to $5,900 for small medical practices.
Who are we to believe?
Neither. This is something that medical practice managers need to figure out for themselves.
Click the link above for access to the article
#ICD10 #ICDRemediator #ICD10Matters #HealthIT
Get Remediator to assist in your readiness for the ICD-10 switchover www.icdremediator.com
No comments:
Post a Comment